-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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The MLF program is a violation of vertical separation of powers.
I am totally in favor of MILF. Oh…you said MLF. Never mind.
Cant this illegal use of federal money be challenged in court?
No mention in article of what happens if Illinois defaults (and it will if it can) on this unsecured ‘loan’ from the Fed.
I continue to find it amazing that people are allowed to escape Illinois debt by simply crossing the state border….and yet they don’t. It’s like prisoners remaining in their cell when all the doors are open and there are no guards.
Stockholm syndrome. Your case for that obviously has gotten much stronger over the last few months.
haha this is so true
Well, some folks have businesses, some folks have homes, some folks live rural where high city/town taxes haven’t touched them yet. Some folks are too poor to move, or don’t have a job elsewhere. There are myriad reasons, and although they make not make sense to US, they do to the people ‘caught’ in Illinois.
Businesses that would be better off elsewhere, homes that do not appreciate due to extreme property taxes, poor folks would have more disposable income in another state. . .the real reason is that illinoisians do not realize what a shit hole Illinois really is.